Finance ministers from the world's leading countries are gathering near London to discuss plans for coordinated action to tackle the economic crisis.
They hope to agree the agenda for the G20 summit of world leaders next month.
The aim is to send a signal to the world that key countries are working together to tackle the worst economic downturn since the Great Depression.
The G20 includes the world's biggest industrial and developing countries, making up 85% of the world economy.
The meeting is likely to focus on the need for tougher regulation of banks and more funds to tackle the crisis.
UK Chancellor Alistair Darling, who is hosting the meeting, said that the world's biggest economies must work with other countries if they are to bring about economic recovery.
Disagreements But there are already signs of disagreement among the G20 countries over how much money governments should spend to get their countries out of recession, with Europe notably less enthusiastic than the US about further spending.
French President Nicolas Sarkozy said on Thursday that "in Europe we have already invested a lot for the recovery" and that the priority should be "putting in place a system of regulation so that the economic and financial catastrophe the world is seeing does not reproduce itself".
However, Chinese Prime Minister Wen Jiabao said that China had enough "economic ammunition" to launch a new economic stimulus plan at any time.
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